Proptree Promoters NCLAT Appeal Dismissed on RERA Funds

NCLAT dismissed Proptree Promoters' appeal against an order rejecting its application in Shree Vardhman Infraheights' CIRP.
The Adjudicating Authority ruled the operational creditor had no locus to file the application as its claim was already admitted.
The appeal concerned the statutory use of 70% funds maintained under the RERA Act, 2016 during the corporate insolvency.
The dismissal is confined to the specific application and shall not affect any other proceedings.